In the rapidly evolving digital landscape, your financial institution must continually evaluate and upgrade its digital offerings to stay competitive. More consumers are shifting towards digital banking services —and while the traditional brick-and-mortar banking model remains important — some could argue it is being superseded by a digital-first approach.
Rising demand for digital banking and meeting consumer expectations
Modern consumers demand convenience, speed, and security from their primary bank. They expect to be able to access their accounts, transfer funds, and apply for loans or credit cards instantly and effortlessly. The rise of fintech companies offering innovative digital solutions adds to the pressure to keep up with changing consumer expectations.
Digital-only banks are experiencing unprecedented growth. According to Insider Intelligence, digital-only bank account holders are forecasted to grow to 53.7 million in 2025, up from 29.8 million in 2021. These figures highlight the necessity for traditional community financial institutions to take proactive steps toward improving their digital capabilities to stay relevant in the market.
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